Transcripts For FBC Varney Company 20240712

It came down, 13. 3 . The government says the resumption of Economic Activity at the end of may led to an increase, repeat, an increase of 2. 5 million new jobs. It was supposed to be a loss of eight million. Clearly a lot of people were recalled to work and went back to work. Now, to say this is a surprise is the understatement of the century. I will say this. The recovery is obviousily a lo stronger and faster than anyone thought. Back to the numbers. Dow industrials going to be up over 600 points, about 2. 5 . The s p will be up 1. 6 , 50 points to the upside. Even the nasdaq has dragged out a small gain now. A little pressure on the techs earlier but they turned around. Lot of green on the nasdaq. Its up 29 points. At the opening bell today, the dow will be roughly 8,000 points above where it was on march 23rd. Its the most explosive rally in history. And just tweet, this is a tweet just in from the president , he says he will hold a News Conference at 10 00 eastern of course on the jobs numbers. 10 00 eastern. We will cover it obviously. White house economic adviser larry kudlow, he will join us after the president. Cant wait to hear what hes got to say. I will guarantee hes got a big smile on his face. Yes, we will get the official Economic Outlook on the show today. All of thats coming up. We have a huge show, obviously. Very big show this friday. I really want to get on with it so lets do it. Varney company is about to begin. The words the president says matter. When a president stands up and divides people all the time, youre going to get the worst of us to come out. Do we really think this is as good as we can be as a nation . I dont think the vast majority of people think that. There are probably anywhere from 10 to 15 of people out there that are just not very good people. But thats not who we are. The vast majority of people are decent. Weave to appeve got to appeal unite them. Bring them together. Bring them together. Stuart 10 to 15 not very good people. Thats a deplorables moment, i would suggest. Thats the former Vice President. Okay. 10 to 15 of the country are just not good people. Judge Jeanine Pirro will discuss that shortly. Im sure she will be fired up about it. Please excuse the digression but i had to do it. The big story of the morning is your money. Futures soaring ever higher after that extraordinary jobs number. Right now we are up 660 on the dow industrials. Jonathan hoenig, friday morning market guy, this jobs report, does it mean that the recovery is faster and stronger than we all thought . Well, stuart, good morning. For weeks now, we have been hearing about this disconnect between the market which has been soaring for months and the economy which we know the fundamentals had been very weak. Maybe they are not as disconnected as we thought. The market has been, in my estimation, a leading indicator. This is a tremendous report, as you alluded to, really historic. Never seen a beat like this with such terrible expectation. But as i said, the market has been going up, in fact, as you said, the market has had the best 50day run in history, talking about the s p 500. So what caused the unemployment, what caused the economic distress wasnt the virus. It was the lockdown. It was the silencing of American Business. What we have seen is businesses get creative, innovative, start to bring people back to work, thats why you are seeing the market up and the jobs numbers up as well. Stuart should we get out of the way, let the market run . You think it will run higher from here . Well, im not one who likes to fight a trend but i have to tell you, i have a few worries. One of which is the velocity and speed of this rebound, historic, 40 in 50 days. We have never seen anything like that. Another reason for some sense of worry is the markets concentration. The top ten stocks are about 44 of the entire stock market. We havent seen that concentration since the dotcom bubble and they are not cheap, either. They are about 47 times earnings. Theres reason for hope but also reason for concern. Now more than ever, everyone regardless of what your stock market position, have to get your financial house in order. Its a lot easier to hold stocks in this environment. For example, you have your Credit Card Debt paid down. I wouldnt bet against america or the market but i think now is the time for caution when it comes to your own financial portfolio. Stuart glad you could be on the show. I think its a historic day, quite frankly. Never seen anything like this. Thank you very much indeed. See you again soon. Come on. Paul conway is with us, former Labor Department chief of staff. I knew there was going to be a big smile right there and we got it. Thats the biggest smile i have ever seen on your face. Now, explain the jobs report. Explain it to us. What happened . Well, its a surprise for everybody but i think this goes to a core issue. I think credit belongs to the american entrepreneur, the American Business leader and american employees, okay. So we are coming we are dealing with a Huge Public Health issue. I think you have to give credit to those folks and i think you also have to recognize that a bipartisan consensus put policy in place that retained a work force. I think this defies the expectations is a good sign. Now is the time to double down and focus on those who remain unemployed while maintaining the cautions of Public Health because i think its a fine balance. But i think here on in, you have a very optimistic picture if we can keep people engaged in the Positive Side of what can happen with the american economy. Dont bet against america coming through a crisis. Stuart i just wish i could be a fly on the wall at democrat central today, whatever you want to call it. Lets look forward for a second. The june jobs report, this was for may and it was spectacularly good. How good will junes be . I think two things for june. June should be able to keep a positive trend line. You want to see if there are any adjustments that are made. I think in june, what you will start to see is there should be even more robust data in june for how this is playing out at the state level and more importantly, stuart, for those sectors of the work force that have had very high unemployment during the past 60 days, africanamerican, hispanic american, asian american. Those trend lines should continue in a positive way. We want to see that with state policies and if that is the case, that would then be a credit to those governors who are trying to work closely with their Business Leaders to make certain that their folks are going back to work. Stuart got it. Paul conway, welcome to the show on a historic day. Thanks for being with us. See you next month. See how that works out. In the time we have been on the air, the dow has gained another hundred points. How about that. Now, we have news on jobs in one specific area, seattle. Ashley, is seattle kind of a microcosm of the nation here, getting past the virus quickly . Ashley yes, could very well be. Lets not forget seattle was one of the first cities in the country to actually report the outbreak of the virus so it only makes sense they are perhaps a little bit ahead of the rest of the country. According to glassdoor which follows jobs and their latest jobs survey for may shows that seattle showed job growth in may over april of 8 . Thats very impressive. Now, it should be pointed out that amazon as we know boosts the economy in seattle. It has 55,000 employees. By the way, i just checked, it has over 9,000 job openings as of right now. But it also adds significantly to the economy. 53 billion by some estimates to seattles gdp alone. So that is impressive. But some of the hardest hit cities on the other side of the coin, new york city down more than 8 . Boston down 8 . Washington, as you can see, down 6 . L. A. And chicago rounding out the top five. But if you want to take a look at this survey as a whole, as we just said, i think seattle, little bit ahead of the curve. Therefore, showing that kind of growth. With todays very surprising jobs report, maybe we will see an even bigger improvement next month as well. Stuart yeah, and new york opens up to some degree come next monday. Maybe that will show up in the june numbers. Who knows. But this could be spectacular. Now, tall way through the show we will be running lefthand side of the screen lots and lots of different stocks. Most of them will be very sharply higher. For a moment im moving away from the jobs report and the market and turning to the virus and a vaccine and astrazeneca. Big pharma people there. Susan, news on their virus vaccine, i should say. Susan they will have two billion doses available by september. Can you imagine how the economy and stock market will do if there is a proven vaccine for covid19 . Production will ramp up, they will have two billion doses available in september, 400 million available for the u. S. And the uk. Still, though, it doesnt prove that it works just yet but you want to produce as you concurrently try to test whether or not the vaccine works and thats currently what theyre doing right now, in human trials, testing 10,000 individuals but you have to build it in order to be ready for it when it does prove to work, right . Thats what theyre doing right now. This is a positive given they will have enough for the people and the population here in america. Stuart youre right. That is a positive for the economy. Its a positive for the market. Away it goes. Astrazeneca, 54 bucks a share. I will show you some really big movers. The airlines. Will you look at that. Ive got American Airlines up nearly 30 . Thats premarket, but 30 . Up 17 for delta, up 25 on united, and so on down the line. Travel stocks, across the board, on the upside because we are coming back. We are traveling again. Trip adviser, expedia, bookings. Com, all of them up, to the upside. The financials, they are doing very well. They have done very well all week. A big gain today. Look at that. Jpmorgans up nearly 7 . Thats extraordinary gains. And the big techs, how are they doing this morning . Okay but nothing like the gains elsewhere. I suspect theres a lot of people selling the big techs and putting that money into the stocks which have yet to move sharply higher. Okay. We got apple at 324. Microsoft, 183. Alphabet, et cetera, et cetera, they are up but not as much as the travel stocks, hotels and airlines. Futures overall. Look at this. Up 700 points for the dow, 59, 60 for the s p. The nasdaq is caught up, too, up 52 points as we speak. Thats premarket. Boy, have we got a jampacked show for you today. Who better to have on jobs friday than National Economic Adviser Council director larry kudlow coming up in the 10 00 hour. He joins us after President Trumps News Conference. That will be at 10 00 eastern. Wouldnt you know it, thats all about the jobs numbers. Amazon, quickly take a look at that. Elon musks fight with jeff bezos heating up. Musk calling for the breakup of amazon. Well explain that story and give you the rest of the wonderful stock market quotes after this. What a day. Introducing new voltaren arthritis pain gel, the first and only full prescription strength nonsteroidal antiinflammatory gel available overthecounter. 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Yeah, 38. 89, there you go. Opec meets tomorrow. They will finalize their extension of Oil Production cuts but the bottom line here is weve got a much stronger economy, much stronger demand for oil, up goes the price. Look at the big tech names one more time. I think weve got them. They are on the upside mostly but not all of them. Amazons down and they are nowhere near the gains of elsewhere. What did you say, justin . Okay. Our producer says these guys are not joining the party because they have already had their runup. Good stuff, well said. Now, susan, elon musk having a fight with amazon and jeff bezos, what did he say . Susan people love it when billionaires fight. Elon musk and jeff bezos have had a rivalry when it comes to electric cars and also a fight in space since amazon pardon me, jeff bezos also funds blue origin. This time it has to do with publishing and free speech. Elon musk took to twitter, having a bit of an issue when amazon refused to publish the book on covid19, whether or not the virus is as deadly as Public Health experts actually believe. Berenson was on tucker last night. Take a listen. Theyve said publicly but not to me that they made a mistake. People can judge that for themselves. I think the mistake they made was picking on somebody or trying to censor somebody who happened to have a big enough megaphone to shout back. Susan elon musk has a very big megaphone since millions follow him. Hes worth about 40 billion. Nothing compared to jeff bezos who is worth about 145 billion but a lot of people including the white house has had their eyes on amazon and whether or not they have too much control when it comes to publishing, when it comes to Online Shopping and of course, bezos owns the Washington Post which i believe the president is not a big fan of. Stuart hes got nothing on the jobs report. Sorry, but thats where im coming from this morning. It was an astonishing jobs report. New jobs created, 2. 5 million. The Unemployment Rate down wildly, a wild surprise. Edward lawrence, hes been digging much deeper than that. Those are superficial numbers. Give me the nuggets, edward. Reporter yeah. When you look into this, stu, its actually really amazing. In the health care sector, for example, 312 million jobs were created but Dentists Office created 245,000 jobs. Physicians offices created 51,000 jobs. This is not the Covid Response emergency room type physicians. This is your regular doctor visits. Health practitioners, 73,000 jobs were created. When you look inside the manufacturing numbers, 225,000 manufacturing jobs. Motor parts or Motor Vehicle parts, 28,000 added. Fabricated metal products, 25,000 created. Machinery, 23,000 created. Leisure and hospitality created 1. 2 million jobs. Thats the first time, the largest increase since 1939 when they started keeping track of these job increases. So people getting back to work as the economy now reopening and the Unemployment Rate down, as you said, to 13. 3 , less than what was estimated. Possibly the market indicating this may be the beginning of that rebound. Back to you. Stuart i have never seen the analysts and their expectations get it quite so wrong as they got this. Edward, thank you very much. Next case. Some call it the calling card of the left. Elitism, looking down on trump supporters. We saw it with Hillary Clinton in 2016. Cant resist replaying it. Roll it. You could put half of trumps supporters into what i call the basket of deplorables. The racists, sexists, homophobic, xenophobic, islamophobic, you name it. Stuart she lost. Just last night from joe biden. Watch this, please. We really think this is as good as we can be as a nation . I dont think the vast majority of people think that. There are probably anywhere from 10 to 15 of the people out there that are just not very good people. But thats not who we are. The vast majority of people are decent. We have to appeal to that and we have to unite people, bring them together. Bring them together. Stuart i guarantee that our guest is fired up on this one. Here is judge jean jiine pirro. Go at it, judge. Go at it. I got to tell you, is this guy stupid . The bottom line is how many people live in america . Is it 300 million or 320 million . 10 of that is 32 million or 15 is another, talking about 47 million, so hes saying maybe 47 Million People are not good people. Now you know what, this guys running for office. If he wants to say 47 Million People are not good people, well, hes stupid, all right, and its going to do the same thing for him that it did for Hillary Clinton. He is condescending, he is arrogant, he is pandering and you know, the man just doesnt know, his circuits arent connecting. I dont know exactly whats going on with him but this guy is the one who says, you know, he chooses truth over facts and he says, you know, hes always dumping on people who want to support him. He had someone who wanted, at one of his events he called this woman a dogfaced pony liar or whatever. Another guy, i wrote it down, he said youre too old to vote for me anyway, i dont want your vote. I mean, this guy is hes in another zone totally. And what hes doing is hes dividing. Hes complaining about donald trump but hes creating the divisiveness. And by doing this stuart hold on. He is playing into yes. Stuart its very hard to stop judge pirro when shes on a roll but i have to do it because im coming up on a break. We appreciate you being with us. I love that smile. Judge, we promise to see you again real soon. Good stuff. Again, youve dwot got to lt the market. Four, five, six minutes before the opening bell, we are up over 700 points. Green, bigtime green all across the board. Well be right back. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Tt th stuart this is a market day and a half. Weve got three no, sorry, two and a half minutes to go to the opening of the minute and we will be straight up. I mean, serious gains here. Dow is up about 700. I will leave it at that. Now, we asked our reporters, our colleagues here, we wanted to talk to you about the best stocks of the week and lauren picked a real winner. American airlines. Look at it go. Lauren i know. Its up another 24 today. It was up 40 yesterday. Its up almost 60 from its lows in march. Its still down for the year. However, heres the good news. They are adding flights. Summer capacity is up and an executive at american said demand is increasing in states that have reopened. Florida, texas and arizona specifically. This could be the best week for American Airlines since the merger with us airways in 2013. Stuart new york opens up partially come monday. That could add to the flow of traffic for the airlines. Now, ashley picked kroger as the weeks a big winner of the week. Why do you pick kroger . Ashley the stock today is up 14 and this is one of the most strongest of Grocery Retail chains in the sector. What it does really well is online and pickup deliveries. It was doing that very well before the pandemic hit and of course, it really came into its own. Lets not forget Warren Buffetts Berkshire Hathaway announced a big stake in the Company Earlier in the year before the pandemic. Kroger has done very very well. Its comp sales in march were up 30 and theres a real belief that people started to shop their groceries in a different way because they were in lockdown at home and that trend will continue, its believed, at least to a certain extent, once the lockdown eases. Kroger very well positioned in this environment. Stuart all right. Good pick, ash. Well done. All right. The opening bell is ringing in about 30 seconds. Let me recap here. An extraordinary surprise in the jobs report this morning. We created 2. 5 million jobs. It was expected we would lose eight million. The Unemployment Rate went down to 13 . 13. 3, to be precise. Instead of going up to around 20 . I tell you, the expectations were so off the mark, thats why we dont go by expectations on this program. Here we go. It is 9 30 eastern time and i will guarantee so much green, you can hardly believe it. Look at that. Were right. Right from the start were up 720 points and rising. Microsoft is the only stock amongst the dow 30 that is in the red at this point. Maybe people are selling microsoft to get into the fast risers elsewhere. The dow is up 2. 6 . How about the s p 500 . Whats the percentage gain there . 1. 9 . Very solid but not quite as good as the dow. The nasdaq composite, the percentage gain is. 9 . Again, not as good as the others but still a gain. Show me the big techs, please. Thats the backbone of the nasdaq. Mixed picture. Googles down, microsoft down, amazon down. The only winners are facebook and apple. Thats unusual. Normally the big techs take off. Today they are not. Heres a bunch thats taken off, the airlines. Excuse the pun. Absolutely soaring from the getgo. Looks like they are over the virus woes. Strong comeback for air travel. All of them up in huge percentage terms. Back to the cruise lines. Its the same story there. They are getting bookings for the future and the stock has rebounded very significantly. The companies on your screen, winnebago, restoration hardware, ebay, paypal, all of them have been in record territory. The top two at this moment, the other two were there. They have fallen back just a tad. Record highs. Slack. They have been what we call a stayathome winner throughout the virus. They reported their profits earlier today thursday, i should say. Turns out they just cant keep up with zooms gangbuster report. Thats why slack is down 17 on a huge up day. They are down. Susan, you have more winners from the week. Jpmorgan and home depot. Susan you look at the banks today, have you looked at the tenyear treasury lately . Because theres less risk, people are finding more work with this blowout jobs report. We have the tenyear treasury yield back above, guess what, 90 points today. Have you looked at this move . That shows there is more confidence in the recovery in the economy and the stock market is reflecting that. Thats also reflected in the banks as well. Banks actually make more money when yields go up. That means they make more money on Mortgage Loans and the other credit they dole out. Also, they are considered proxy plays for the economy. Meaning when the economy recovers, we know people start borrowing more from banks and thats why you see these financials leading the advance. We are up about, yeah, there you go, up about 18 since just this week and also, home depot is also another proxy play as well. Confidence in the consumer when you feel that you will find a job, be able to put food on the table, you will go out and buy more goods to i guess repair your home, plus you save money that way as well. Its been a stayathome winner during these times. Stuart it sure has. We are three minutes into the friday morning trading session. The dow is up 713 points. Ashley, which names are driving the dow . Ashley its a nice broad base list of names. Here we go. Lets look at some of these names driving the dow. Apple up, as you can see, slightly today. Home depot, looking at some of these numbers, goldman sachs, we just mentioned, up 3 today. Caterpillar, industrial name, up 6 . United health up 1 today. The biggest leader has been dow. The big chemical company, nike, exxonmobil corporation, as the price of oil has recovered. Cisco in the chip sector. We have home depot, we mentioned them. Walt disney. This is nice to see because its very broadbased. Its not just one particular sector. The tech sector tends to be the one that does the heavy lifting but this is a broadbased rise across the board which enables the markets to show the kind of strength that we like it to see. Not just a few stocks but across the gamut as they say. Stuart as ash was speaking there, the dow crossed 27,000. Okay. Just crossed it. Crossed 27,000. Its up 733 points. Show me disney, please. Thats a reopening story. They are up another 2. 5 today. Lauren, do you have anything more on this . Lauren i do. The union says that disney world is bringing back thousands of its furloughed employees starting now. So this month, thousands of employees going back. As you know, they reopened magic and Animal Kingdom in july and also, remember their streaming service, disney plus, has been a success so stock is at 126. Do you remember the march 23rd low . 85. It is up 44 since then. Stuart it was down to 85, wasnt it, on march 23rd. I remember that. Thats right. Yeah. Boeing was about 90. Now its, what, about 180 or something. Its way up there. All right. Theres a rebound in progress all over the place. Check the big board. Where are we now . We are up 707 points, just shy of 27,000. I want to get back to the tenyear treasury yield. Thats an eye opener. 90 . That means moneys coming out of treasuries and its clearly going into stocks. Im pretty sure the price of gold is going to be down. Yes, it is. 42 down. Its well below 1700 an ounce. Im sure that oil is up. If the economy is expanding and it is, demand for oil and gas is up. The price of oil now 38. 79. Lets digress from jobs for a moment and turn to apple. Susan, iphone details leaked, really . Susan thats right. A japanese blog, it has a good reputation, they were the first to report that apple is going to get rid of that lightning jack and now they have gotten their hands on 3d printed models. Not only of the iphone set to be released this year but the next year, 2021, as well. Now, i wouldnt bet 100 this is going to be correct but if you look at the 3d printed model, so the iphone 12 which will be released this year, isnt going to change that much when it comes to the actual look. Its more the interior and parts and components that will probably be the big seller since we are heading towards the 5g release later on, possibly in october, delayed by a month, they will get it out before the allimportant holiday period, but the iphone 13 thats set to be released next year that has techies going wild because theyre looking at five new models. This is going to be a big change. You can bring up some of the specs this japanese blog is predicting. Tiny punch holes for the front camera. If you look now, its pretty big. Also, usbc will replace currently that lightning jack at the bottom for your head phones. Then also, five back cameras. You have three right now in the top of the line iphone 11 but if you go to five, can you imagine the imagery and the ability of these cameras and where were moving towards when it comes to Motion Pictures . Stuart i want one. Susan thats hard, its hard to get you excited about technology. That says something, right . Stuart im excited about apples stock on the screen, lefthand side. Its gone up 101 per share just since march susan we are just one dollar away from record highs once again for apple stock. Stuart yes, we are. Susan it drives the s p above 5 so its a big deal. Stuart quite a day. I will say that to everybody. All right. Lets move on. We now have the dow up 674, 2. 5 higher. Weve got green across the board because we had a stunning spectacular and wildly surprising jobs report. Now, about 20 minutes from now, roughly speaking, President Trump holds a News Conference on, of course, that jobs report. You are going to see it right here. We will definitely cover it. Other stories we are watching. Republican senator tom cotton, hes blasting the New York Times for saying his oped did not meet their standards. Watch this. I can tell you my oped doesnt meet the New York Times standards. It far exceeds their standards which are normally full of left wing sophomoric drivel. Stuart tell us how it is, mr. Senator. What happened to free speech . His article was an opinion piece in the times. Weve got the story. Snapchat stopped promoting President Trumps account. Looks like they are following twitters move to factcheck the president and check up on the president. Weve got that story and will cover it next. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Stuart if youre just tuning in, theres lots of news for you. Weve got the president of the United States holding a News Conference at the top of the hour, 10 00 eastern time. Its going to be all about that extraordinary jobs report which we had earlier this morning. Overall, the markets are zooming and i mean that. Dow is up 2. 7 . 27,000 on the dow right now. Take a look at boeing. Yeah, theyve had a hard time selling the 737 various planes since the max jet problem. This morning, they are above 200 a share again. Ashley, have they got some new customers . Ashley well, i think theres three things at play here, stu. Firstly, the health of the airlines. It appears theres more optimism there and that is giving a lift to the entire commercial supply chain. Good news for boeing and good news for everybody. Also, the 737 max, we know that boeing has restarted production slowly, but it has, and its confident this aircraft can finally be certified to fly in the second half of the year. And thirdly, i think all of the worst Case Scenarios, god knows boeing has had a series of bad headlines, i think the chances of the worst Case Scenario may not be materializing so i think boeing, although it had a dreadful time, is starting to see more light at the end of the tunnel and certainly the aviation sector as a whole looks like it could slowly begin to claw its way back. Stuart im still under water but im coming back strong. All right. Thanks very much, ash. I think slack is one of the biggest losers of the day. It is. Its down 18 as we speak. I want to bring in mark douglas, steelhouse ceo. Mark, ive got a theory. Slack is down, zoom is down. That, i think, is because they were stayathome winners. Now we are going back to work and they are no longer stayathome winners. What do you say . Yeah. I mean, theres some truth in that. I think whats interesting is that although they are both down, zoom has done a lot better than slack, and i use both apps. I use slack all day long and i use zoom probably like four or five times a day. Its kind of interesting how much more i use slack than zoom, but zoom is still, you know, is kind of doing better. Theres some permanent change, although things are coming back strong, i actually have been traveling a lot the last couple of weeks. I think you are going to see a permanent change in how much Business Travel there is and zoom will probably permanently benefit from that for some time, where slack is just kind of stable. Stuart can i just use you as a reporter for a second . As opposed to a market commentator . You say youve done a lot of travel recently. I take it you have been on planes. What have you seen . Have you seen an increase in traffic as you get closer to today . Yeah. I mean, they are packed. Theres no social distancing on airlines. I have been, every flight i am on is like precovid. It is every seat is filled. Middle seat, every seat. There are not as many flights, but the flights that are occurring, the gates are packed, the planes are packed, and so i went to new orleans last week, i went to idaho, i went to santa barbara, so i have been out and about in the country. Next week i might go to colorado. The Airline Industry is coming back. People are traveling for sure. Stuart thank you. Thats a very good report. Thats actually very germane to this economic expansion which we have now embarked on. One more quick one for you. Snapchat will no longer promote President Trumps account. Heres what they said. You know this. Let me read it out. We will not amplify voices who incite racial violence and injustice by giving them free promotion on discover. Racial violence and injustice have no place in our society. I put it to you, the political censorship has arrived at snapchat. What do you say . Well, thats true, its true for right now, i guess every social network except facebook, they are certainly entitled to that although the president , you know, has an executive order out to potentially cause some disruption for them. I think in snapchats case in particular, they are not particularly relevant. Their User Community is largely under the voting age and so i think thats why you havent seen the white house, the president really respond to that at all. But you know, in some ways, i think although i think they are taking a high road position from their perspective, its also an attempt i think to basically remain relevant because they are not that relevant right now compared to instagram, twitter and these other social networks. Stuart the main point of our interview this morning is we are looking at permanent change in our use of social networks and teleconferencing ideas, that kind of thing. Permanent change. Right . Yeah, i would say thats true. I can say from my own company, theres just no way we are going to have anywhere near as much Business Travel Going Forward as we had in the past. I will tell you, consumer travel, pleasure travel, people out there and they are looking to have a great summer. Stuart mark douglas, thank you very much. See you again soon. By the way, everyone, if you are just tuning in, about 12 minutes from now, we expect to see the president. Hes going to hold a News Conference on that extraordinary jobs report that we received, what, about an hour and 20 minutes ago. Stay right there. We will head you to washington right after this. Looks like they picked the wrong getaway driver. Theyre going to be paying for this for a long time. They will, but with accident forgiveness allstate wont raise your rates just because of an accident, even if its your fault. Cut sonny. Was that good . Line the desert never lies. Isnt that what i said . No you were talking about allstate and insurance. I just. When i. Lets try again. Everybody back to one. Accident forgiveness from allstate. Click or call for a quote today. The first and only full prescription strength nonsteroidal antiinflammatory gel available overthecounter. New voltaren is powerful arthritis pain relief in a gel. Voltaren. The joy of movement. Sawithout evenon yoleaving your house. New voltaren is powerful arthritis pain relief in a gel. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. Stuart thats a rally, folks. Bigtime rally. Dow is up 700. S p up 67. The nasdaqs catching up, its a gain of 158 points. How about that. Ill tell you more about this in a moment. First lets deal with the gap. Lets not spend much time on this. Its down nearly 3 . Why, lauren . Why the drop . Lauren well, they reported their earnings last night, not good by any measure. Lets take a look at where the sales were the worst and certainly at gap itself, down 50 but look, Banana Republic down 47 . There is positive news. Its online sales doubled in the month of may and its for the stores that are reopened. The ceo says those stores are seeing sales up 70 of precovid levels. Thats encouraging news although the stock right now is a loser. Stuart lauren, new york city is partially going to reopen on monday. I understand that some big name retailers will not be reopening, even if they are allowed. Who are we talking about . Lauren yeah. Curbside pickup is allowed for retailers in new york city on monday. Macys is not sure what they are going to do. You have to remember, they were also hit by rioters. The tapestry brands which is coach, kate spade, they are delaying their reopening here in new york city. Ulta and sephora also delaying some of their reopening. Its two things. Yes, the protests and the lootings but its new york city Curbside Pickup which you do in the suburbs much easier, you just pull into the parking lot, they come out and hand you your items. Thats not as easy in new york city, because you rely on Public Transportation for the most part. Stuart you got that right. Now then, what were looking at is a whopping great big rally pretty much across the board. There are a couple of exceptions. Its a rally because we had a really surprising jobs report early this morning. New jobs created by the million. The Unemployment Rate dropped to 13. 3 . Nobody was expecting that. Now, literally in five or six minutes time, we are going to be seeing the president of the United States hold a News Conference on those jobs numbers. I dont blame him. These are sensational numbers. I want to get more on these i have given the broad picture jobs numbers. Actually, jobs created, the Unemployment Rate down. But Edward Lawrence, come back again with those nuggets that you picked out for us. Reporter nuggets, very interesting, 3. 1 million jobs were actually created in the private sector. The government sector lost 585,000 jobs. Thats mainly in the local governments that were shedding jobs there. The Unemployment Rate as you said, 13. 3 from april. Now, inside the numbers, you can see some astonishing things. Look at retail, for example. Gained 368,000 jobs. If you look inside of that, Clothing Stores actually gained 95,000 jobs. General merchandise stores, 84,000 jobs. Garden supply stores, as people go out and fix their yards and their home, 56,000 jobs were created. Maybe the brick and mortar stores, this is not quite the end of those yet, giving way to the online retailers. Look at health care, job creator, major job creator in 2019, now health and education created 424,000 jobs. 51,000 in doctors offices, talking about physicians that are opening up and stu, for your smile, Dentists Offices created 245,000 jobs. Smile big. Stuart i saw that. I heard you last time. 245,000 dentists jobs in one month. Never, ever seen that before. Big smile. Reporter that is astonishing. I can tell you that i am getting the emails, hey, come back and get your cleanings which i have actually scheduled coming up in the next couple of weeks. Stuart im glad to hear that, lad. All right. We are going to take a short break. On the other side of this break, we will present the president of the United States and those spectacular jobs numbers. Well be right back. Thats why the new way to buy and sell a car is also the safer way. At carvana, you can do it all 100 online from home with a touchless delivery and pickup process to keep you safe. 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The expectation, i never use expectations, were expected to drop 8 million weve got an increase of 2. 5 million. The economy has got it totally wrong. The market surging on that news. Look at this , now were up 663 points thats still a gain of 2. 5 the nasdac composite holding on to a gain of 1. 5 thats not that far away from 9,800, and the s p 500 thats up nearly 2 . By the way, after we hear from the president , well have white house chief Economic Advisor larry kudlow, hell join us to respond to what the president had to say and fill us in some more about the future of what looks to be a very strong recovering economy. As we wait for the president , we have with us, tammy bruce and greg valier. Ill start with greg. Going into today, you were saying that the blue wave, the wave towards the democrats, was heat picking up some steam. Are you going to change your mind after this jobs report and this economic rebound . Yeah, a little bit, stuart and by the way those were fox polls that showed trump not having a good week. I think theres two big changes. Number one is that im not sure we need a trillion and a half dollars stimulus plan. I think that number might get widdled down because this jobs report was so great. Secondly, yeah, i think this helps trump politically. He needed a little help. He hasnt had a good stretch and i think he can claim with a straight face that the economy is coming back dramatically. Stuart okay, you have changed your mind a little bit there, right . I mean, not a total reversal but youre thinking again about this , right . Well the numbers, we could go into a long digression on polls and i dont know if i believe them myself but i do believe in the trends and his polling numbers have not been good in the last three or four weeks. Stuart okay hold on for a second greg. I want to move on to Tammy Bruce Tammy . I imagine that the democrats are just shocked and appalled at this jobs news. That tells you everything you need to know doesnt it is that when theres good news for america, one side of politic s in the country is upset they do rely on victimhood, negativity, and of course, when youre dealing with a great economy as the president ushered in in his first three years, its hard to argue that that should change, that you should take that horse out of the stream midway, and americans when they vote for a president , they presume it will be for eight years because of what it takes to gather up steam on the economy, on foreign relations, on what the nation stands for and so im welcoming this election, i think most people are because it is a very distinctive choice and im not surprised many others arent surprised that we have this kind of economic rebound. We know the economists have been wrong constantly when it comes to donald trump because hes a new actor. This is a new idea. Its a new approach, and its something that the system is not used to so theres still disruption. The good news is is that its disruption in a positive sense. The other great news about this today, stuart, is that the economy, more jobs, entrepreneurs being able to go back to their businesses or open businesses, of course is the great equalizer. Money is the thing that allows all of us when it comes to our sexual preference, our gender, whatever your race, that that is the thing that allows you to make better choices for your children, where you want to live , how the future looks for you, and when you have no point of view when you dont know whats going to happen, youre going to be more inclined to get depress and to be cynical the democrats seem to be moving that framework but this helps all of us and it is the one thing, of course, financial freedom. You dont need to become a millionaire, but its about stabilizing the middle class so that we can make better decisions. Stuart now joe biden did say that 1015 of the population, thats 30 to 50 Million People, are not very good people. Give me 30 seconds on your reaction to that, please. Well thats just a different language, a new way to put what Hillary Clinton said about the deplorables in the country. Its something that people on the left that the democrats have said they revealed about themselves that they dont like a good section of the people in the country. They dont like americans essentially, that to declare that kind of dynamic, to condemn that kind of a large group of people is a shame. Were better than that, especially as were having dialogues about lifting everyone up equally. How can you push away and smear an entire sector of society . That is what our fight is now is to stop doing that. Stuart yeah it was divisive in the extreme. Hold on a second i want to go back to greg. Greg, when you put your market watching hat on again, please . Sure. Stuart this market has just taken off. Can you see us getting to new highs for the dow, s p, nasdac, by the end of this year . Isnt that incredible stuart i think you have to respect the treasury 10 year bond yield and thats telling us quite a story. Treasury 10 year bond yields could break one. I havent looked in the last half hour maybe they have broken one. Thats an enormous sign from the markets that this economy is back on track. Stuart well, will the dow hit new highs . Yeah, because its entirely possible. I do think we need one more shot of stimulus. Maybe not unemployment benefits, maybe not Small Business but theres probably one more shot of stimulus, maybe a tax credit, and theres two or three other things they will throw into this if we get stimulus and the fed of course is still remarkably accommodating and it will stay that way for another year with this amount of stimulus yeah, we could go even higher in the market. Stuart i cant resist the temptation of asking, you have you ever seen anything like this before . Never, ever ever this has been an unprecedented stretch and were still in early june. Who knows whats left in this year, but i think we can now say with certainty that the economy is not going into depression and i think we can say with certainty that the recession is going to be brief. Stuart are we going to see some really spectacular numbers at the end of june going into july . I think that its possible. Id like to see in this number how many people chose furloughs rather than claiming unemployment that might be a factor. I think were not totally out of the woods on new virus cases. I mean theres always a few things to worry about but i think the overall outlook is really quite remarkably good. Stuart tammy bruce im going to let you get your 10, 20, 30, 40, 50 seconds in in a moment but first hold on. I want to go back to Edward Lawrence whose dug deeper into this sensational jobs report. Now what do you have for me . Reporter well, you know, actually take a step back from the jobs report. You know the federal reserve, i talked to a number of fed president s who believed that the peak would happen, the peak of the highest unemployment would happen now, during this month. If this jobs report holds true, the peak could have been last month and now were on the way down. You look at the ppp, the Payroll Protection Program as possibly that because the main Street Lending facility from the fed has not yet been rolled out. It is not dishing out money to keep people in their jobs. Right now you have the Payroll Protection Program that is doing that and the administration is saying that it kept at the end of it will keep 60 million jobs in place, so this could be you know, if this continues and the next jobs report is just like this one or a little bit better than this one, then we have seen the peak, and that could indicate or rebound a little faster. Stuart edward we hear you and well hear from the president shortly. I want to go back to tammy bruce same question, tammy. Have you ever seen anything like this before in your life . No, no, its very exciting because we can say that over the last three year, right . We havent seen a president like this and you havent seen ideas like this. Everything is on trump time, which could explain that the jobs numbers, but one of the concerns i have being a new yorker im still here in manhattan and the thing that youd think would disrupt the jobs market and at least the optimism is certainly the nature of the riots, the nature of the social upheaval in these nature cities and also the decisions that california and new york are making about when those businesses open, and then how will those people and those cities especially new york , how confident will they be to go out and purchase in a brickandmortar store and to sit in a restaurant to in fact even with the extra unemployment money that we gave that incentivized staying out of work , what about those larger pockets of jobs in these major urban areas, will people feel like being compelled within the retail sector, to go back to work when this goes through july , when it comes to the extra money they have, so those are factors that could create i think maybe a little bit of disruption in some numbers coming up but at the same time, its the enthusiasm of the average american, when they hear a day like this and see a day like this maybe that could change some of the attitudes. Stuart it just seems to me that the lockdown is over, but we, we the people are breaking this lockdown whether the authorities like it or not, whether thats a good thing or not. It is breaking down. Thats where im coming from. I just want to thank greg and tammy for being with us on a day like this. Because you probably wont see more days like this. I hope you do, but this is a good one and were glad youre with us today. Thank you. Stuart now, i want even more on this spectacular jobs report and susan has got it for us. Hey did you even look at the april numbers that were revised downwards as well so they didnt lose 2 million jobs . Stuart i missed it what do you got . So yeah, remember last month we had something atrocious over 20 million, closer to 23 million but actually the revised downwards as well, so 2 Million People didnt actually lose their jobs, at the end of the day in april so thats a positive and then i was looking through the specific categories of jobs, and the leisure and hospitality added about 1. 2 million and of course its the restaurant jobs that came back in may so 1. 4 million new jobs that were added and that accounted for half of the 2. 5 million that we got overall for the month and then its construction. People are going back to work. 164,000 jobs created there so that came back about half of the jobs of a loss in the month of april. Also, we have education and health, 124,000 jobs being created people need to take care of their children, but the child care jobs up from 44,000 in the month as well. Retail trade, people that lost their jobs because malls were shut, stores were closed, that came back. They lost about 2. 3 million in april but came back closer to 368,000, so its really acrosstheboard that im seeing , and governments actually hired less as well, so that doesnt rid all of the pushing from d. C. , that resulted in the 2. 5 million adds. Stuart i was sitting unmy office watching the at 8 30, watching the numbers come across and i nearly fell off my seat. I had to do a double take. I thought is this right . Is it up 2. 5 million . Stuart yes, i checked that. Susan thanks very much in deed. Yes indeed everyone this is a huge day. The market shows a huge rally and a massive surprise and the jobs report. Okay, ive got, what was that again justin . Thats the news here, apple and home depot are alltime highs, new alltime highs and its a very important thing especially when you talk about apple, perhaps the worlds most valuable and the most premier technology company, new high for the stock as we said, the president will be holding his press conference momentarily on that jobs report, direct from the white house, well take you thereafter this. The first and only full prescription strength nonsteroidal antiinflammatory gel available overthecounter. New voltaren is powerful arthritis pain relief in a gel. Voltaren. The joy of movement. And let me tell you something, rodeo. New voltaren is powerful arthritis pain relief in a gel. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. 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American airlines is up 26 and united is up 17 , jet blue 14 , it goes like at all acrosstheboard. There is Strong Demand for flights, theyre putting on more flights to accommodate more passengers and the planes that are flying were hearing that they are largely full. Im looking at the banks right now and look at that. When did you ever see banks go up . 7 for citi 4 for msnbc and those are huge gains and here is one of the reasons why the yield on the 10 year treasury has gone up to 0. 92 . That is really extraordinary and that allows banks to make more money on the loans that they pay out. Susan have you got more on the banks for me . I got more on the better markets for the airlines we should also mention that has to do with stimulus as well by the way with the 25 billion given out by the d. C. Stimulus plan but i want to talk about the broader markets because it might be surprising for some looking at the pictures and protests across the nation as to why theres such a disconnect between whats happening in the stock market and investors and whats happening in the country in the broader economy, so, you know, historically, it suggests that the market tends ton uneffected by periods of civil unrest and i went through some of these periods of unrest for instance the week after Martin Luther kings assassination back in 1968 we saw gains in the stock market up from 2. 9 , same thing with the rodney king case back in the early 1990s, the stock market went up about 1 and then the death of michael brown, same thing as well similar gains and this time around, in this week the death of george floyd and the week afterwards, we actually advanced 3. 4 and some similarities in 1968, stu, where you were around then but did you know they had the vietnam war during 1968 and a pandemic that killed 100,000, high inflation, a vietnam war to deal with and then of course the assassination of Martin Luther king in april of that year. Stuart yes there were also riots and in our cities back in 1968 i was a student in london at the time and i remember reading the news in america, and lets not forget the media hated richard nixon, who went on to win the president ial election in 1968 and theres a parallel to what were seeing now. The media really detests President Trump, as doing everything to undermine him, and hes in the election in november what do you got . Well yeah youre right because it was the most hated stock market rally in 1968 very similar to 2020 and also the Smithsonian Magazine called 1968 the year that shattered america, and it obviously didnt , right . Because as you could see the stock market gain and look where we are today. Stuart i know, this is just a fascinating year, 2020 i think its more tumultuous than 1968 actually. I just wonder if it has the same result, a republican wins the president ial election. We shall see about that. Back to the jobs report. Lauren have you got information on wages within that report . Lauren wages went down, okay . So 29. 75 an hour for the average wage but thats actually a good sign, and heres why. In april we saw wages go up because a lot of the lowerpaid workers were furloughed. Well, in may, and middle of the month thats when the report calculated, a lot of those workers came back online and they were working again so that pushed average hourly wages and another thing if you talk about the minimum wage yes there have been calls to increase it. Everyone should make more money if you ask me, but right now, when businesses are struggling to get back to work, get the customers back and get the furloughed workers back increasing the minimum wage is a strain on them and we are seeing even democrat states like virginia vote and some places in california to delay the minimum wage hike for the time being just so everybody can get back. Stuart its just fascinating isnt it . Dig deeper into that for the more gems you reveal. Well done lauren thank you very much indeed. All right, is greg still with us yes, hi. Stuart greg, thank you good to see you again, greg. You got it. Stuart here is my question. A whopping great Big Stock Market rally and a terrific jobs report. Is it possible that investors are saying thats a pretty good jobs report, maybe mr. Trump is more likely to win, therefore, we will buy. Is that a possibility . Well theres a lot of good news. I think the fact that the protests have turned peaceful is really good news after the horrors we had on sunday, monday, tuesday, things have gotten calmer. I think youre right and i think investors especially professional investors realize in addition to this great number and an improving economy, we get more stimulus. The fed is going to stay that way for at least another year and i think well get more fiscal stimulus. Whether we need it or not well debate but i do think well add even more stimulus to an economy thats improving. Stuart well my basic point is this. Investors want President Trump to win. They do not want joe biden to win. Are you with me on that, greg . Well i talk to a lot of professional investors who feel that trump is erratic, unpredictable, doesnt believe in freetrade. There are some criticisms but at the same time to be fair, stuart , i mean, joe biden is good for a gaffe a day. Theres always something that biden says that makes you think you scratch your head ascrah yoi think that the markets would tell you that since his inauguration look at the s p, the s p is probably up 4550 since his inauguration so you have to respect tax stuart tammy bruce, im glad youre still with us. What do you have to say about this . Im not asking for market comment and investor comment. I want the politics of this. The politics of the jobs report seems to me to be very favorable to President Trump. Well it is, and this is again what americans, while we look at everything thats going on around us, what the same with investors is that we want some level of certainty that while the president may say things that are disruptive, i would disagree with our colleague here, your other guest , that its not that hes erratic. Its that hes different, and that we actually now know him, were used to the nature of his approach and what weve seen is consistent consistency. He and he may have a different idea when it comes to trade but the fact of the matter is theres a consistency to his theory and policies and to his vision and thats what we need and thats what voters like. Stuart let me just ask greg if he feels that way. Tammy is making the point, greg that this president is not necessarily erratic but he is different and i do put it to you that were not used to the man yet. Well yes, calling him different is an under statement. He definitely is different no doubt about it and i think thats alienated some big groups especially the military this week. I think that will be looked at in hindsight as a real, maybe turning point to have people like mattis and many other retired generals being this critical of the president. Stuart tammy, greg, please both of you stay there, please as we wait for the president , i need your analysis of whats going on here. The president will be responding to the jobs report. It is a press conference. I believe hes going to take questions because i see the report is lined up there i cant wait to hear the question. I guarantee that the media asks him about george floyd and protests in the military and mattis and all of the rest of it but well be talking about the jobs report because after the president , well have larry kudlow with us, top without economist. Do we need another stimulus package . Are they asking him that a little later in the show. Well be back. Stuart a little late it was supposed to be 10 00 he started but its now 10 29 when he appears youll see it real fast and thats a promise. Hell be talking about todays spectacular jobs report. On that note, here is mark teppe r, the man with Extraordinary Energy first thing in the morning and he joins us now, i mean stuart . Stuart lets do this thing, are you now, are we now in rapid, rapid recovery mode for the economy . Wow, i mean, thats really all i can say right here. I mean just like President Trump alluded to, this was an absolute stunner, and here is my take. I mean, we are definitely reopening faster than anybody expected, and theres no doubt that were seeing a lot of pull forward of rehiring which is great for america. You know, the ppp programable has been very effective which is preserving jobs and consumers are obviously a heck of a lot less scared of this virus than some people want you to believe they are piling into restaurants and bars. Stuart hold on one second, im sorry mark the president is approaching the podium this is the press conference and here is the president of the United States. President trump well thank you very much its a very big day for our country. Its affirmation of all of the work weve been doing really for three and a half years. This isnt just over the last few months, this is for our three and a half years, and its a great thing. We were very strong, we had the greatest economy in the history of our country. We had the greatest economy in the history of the world, and that strength let us get through this horrible pandemic, largely through. I think were doing really well. Vaccines by the way i had a meeting yesterday on vaccines were doing incredibly well with that. I think youll have some very positive surprises, and therapeutics likewise are doing extremely well and cures are doing well and those two words really blend in with each other, but tremendous progress is being made on vaccines, and in fact we have ready to go in terms of transportation and logistics. We have over 2 million ready to go if it checks out for safety and its also the nice part is we have four companies, i guess you could even say seven or eight companies that are doing some similar and some very different on the vaccine front, and some similar and some somewhat different on the therapeutic front, so tremendous progress is being made on that and i think even without that, and i have to say, even without that and i dont think youll be having to use that in the future that statement, even without, because i think they will have it, but were going to be back and were opening our country and i hope that the lockdown governors i dont know why they continue to lock down because if you look at georgia, if you look at florida, if you look at south carolina, if you look at so many different places that have opened up i dont want to name all of them, but the ones that are most energetic about opening they are doing tremendous business and this is what these numbers are all about and you have to remember one other thing very importantly. I think its extremely important for you to remember that many of our states are closed or almost closed. Some of the big one, new york, new jersey, theyll start, they are starting now to get open, i hope and i hope that you also use our National Guard, call me, well be ready for them so fast their heads will spin. We did it in minnesota, in minneapolis, we were incredible. They were ripping that place apart. I love it. We had such success there and they were ripping it apart and i called the governor and the National Guard went in and one night it was over. You dont see the problem in minnesota now, at all. Not even a little bit. You take a look at a great city. Its a great great city, minneapolis and it was under siege like nobodys ever seen where people are running from a police department, the great police and they were told to. They didnt want to run. They were told to. Its bad governing and im not blaming the governor im blaming the mayor but we want to get all of this finished. This is a great tribute what were announcing today is a tremendous tribute to equality. Were bringing our jobs back. When we had our tremendous numbers, and when we had just prior to the china plague that floated in, we had numbers the best in history for african american, for hispanic american, and for asian american, and for everybody. Best for women, best for people without a diploma, young people without a diploma. So many different categories, their numbers were the best in almost every category. We had the most people working in the history of our country, almost 160 Million People, we were never even close to that, so we had things that we were doing so well and then it came in. But were going to be back there i think were actually going to be back higher next year than ever before and the only thing that can stop us is bad policy, frankly, left wing bad policy of raising taxes and Green New Deals and all of the things that you have been writing about, long and hard, that will stop it like you wouldnt believe and frankly, its holding it back. If there were no possibility that that can happen and i like to be an optimistic person i think were looking very good and i think even before today our polls were, the polls that ive seen and the polls that we do are looking very good, but if we didnt have the possibility of having massively higher taxes like the democrats want to do, and Green New Deals which are totally ridiculous frankly, and im a big environmentalist, i believe strongly in taking care of our environment, we have the cleanest air weve ever had over the modern era which lets say you go back 30 years, we have the cleanest air, the cleanest water weve ever had. Were setting all sorts of really Good Environmental records, were very proud of that, but the Green New Deal would kill our country and the Green New Deal would have a devastating effect on the world, and its not going to happen anyway because its impossible for them to do it. If you ever look at what they want to do under the Green New Deal its like baby talk, but we are doing something that this was an important day, because this shows that what weve been doing is right and the reason its been and is so good is because the body was strong. Our body was so powerful that we could actually close our country , save millions of lives, stop people very early on from china, from coming in, because we stopped early at the end of january, very early, and people coming from china who were infected coming into our country , its a very hard decision to make. Nobody almost nobody wanted me to make it. I would almost say nobody wanted me to make it but we made that decision and even my enemy said that was an extremely important , we saved tens of thousands of lives with that decision, so we did a lot of things and ended up with empty cupboards we went into a ventilator period that the likes of which nobody has seen since the Second World War we mobiliz ed nobody has ever seen anything like thought and then we did tests, were over 20 million or very close but i think were over 20 million tests more than anybody in the world, germany is at about at four and south korea is at 3. 5, were over 20 and by the way when you do more testing we have more cases, we have more than anybody because we do more testing than anybody. Its Pretty Simple but this is outstanding whats happening today. Now they thought the number be a loss of 9 million jobs and it was a gain of almost 3 million jobs. Nobody has ever said anything. I think it was incredible in a couple of ways. Number one, the numbers are great and this leads us on to a long period of growth. Well have the greatest, well go back to having the greatest economy anywhere in the world, nothing close b i think were going to have a very good upcoming few months. I think youre going to have a very good august, very good july , but a spectacular, maybe spectacular september, but a spectacular october, november, december and next year is going to be one of the best years weve ever had economically and if you look at the numbers they bear it out but we were strong. Its sort of like when you go in for an operation, if a person is healthy, healthy, we were healthy and we have the greatest economy in the world. We went in for an operation, we closed our country down. We closed it down. We saved possibly 2 million, 2. 5 million lives. Now it could have been 1 million lives. I dont think anything less than that, but if you think were at 105 million today, and 10 5,000 today, that would mean at the lowest number, it be 10 times that amount and i think everybody believes the least, if we went or heard as they say, and if you look at brazil they are having a very hard time and by the way they kept bringing up sweden is its coming back to haunt sweden, they are having a terrible time. If we did that we would have lost 1 million, 1. 5 million, maybe even 2. 5 million or more lives, so were at 10 5,000 lives. Big move closing it up. We also closed it up to europe. Europe became very infected from china. A gift from china, not good. They should have stopped it they should have stopped it at the source, but its a gift from china and a very bad gift. I will tell you that, and you do say how come at wuhan where it started, and they were very badly, they were in bad trouble but it didnt go to any other parts, didnt go to beijing or other parts of china. Then you say how come it came out to europe, to the world, to the United States, so it didnt go to china, they stopped it cold. They knew it was a problem, but they didnt stop it cold from coming to the United States, europe and the rest of the world somebody has to ask these questions and well get down to the answer. You know, we made a great trade deal. Great, they are going to buy 250 billion worth of product and by the way, they are online. They are doing okay, but the ink wasnt dry on that deal when the plague floated in. Whats going on . A plague is floating in from china. Whats going on . So, the ink wasnt dry, so i guess i view the trade deal a little bit differently than i did three months ago. Its a great deal. I will say, they are buying a lot from us, and in that way i respect, and getting along with china be a good thing. I dont know if thats going to happen, ill let you know. I think that they want to get along very much with us, but we built a tremendous thing, a tremendous power platform, so when it got ill, when we had a problem, we were able to cut it off, stop it, just like this , stop it. Keep everyone inside. Keep them away. Keep them together, away, un infected, and we saved million s of lives and now were opening and were opening with a bang, and weve been talking about the v. This is better than a v. This is a rocket ship, far better than a v. A v is wonderful, they were talking about will it be a v, a u or an l, they have no idea , i have good respect for the people and they said will it be 9 million in job losses . Will it be what will the number be . Will it be, are they going to report record numbers . Will we break 20 . What will the number be, and you know, i dont know because we were in and i dont think were in that territory, we were in un chartered territory. Nobody has had a situation like that so the number was 9 million and one of the people was no, no , i think its going to be 10 million. Thats 10 million negative losses and then somebody else said no we think its going to be 8. 7, 9. 2, everyone was right around that number. This is great geniuses and they are. I watch them all the time and oftentimes, theyre right. Warren buffett sold airlines a little while ago. Hes been right his whole life but sometimes even somebody like Warren Buffett i have a lot of respect for him they make mistakes they should have kept the Airline Stocks because the Airline Stocks went through the roof today and others did too. The whole market went through the roof but they said 9 million , 9 million job losses. 9 million, its what it could be are we going to break 20 . Are we going to break it . And then the numbers came in and one of the folks that was reading the numbers said wow those are great numbers, its only 3 million job losses and then reading it and saying you know, i dont think, im not reading this right. Let me look at it again, oh, wait a minute. This is 3 million gain almost. Three million jobs gained and then they shouted out, one of them sort of, somebody shouted out, is this a typo . I think it was probably the greatest miss calculation in the history of business shows and the history of business shows talking about wall street, and thats okay. But one of the reasons were in this position is because we had such a Strong Foundation so we were able to close our country, save millions of lives, open and now the tragically is great. Dont forget, new york is barely included and thats one of our big ones. California is barely included, because theyre not open and they should open by the way the mayor of los angeles wants to keep this thing closed for a long time. Look at whats going on in florida. Its incredible. The job, the governor of florida has done, its incredible. The numbers theyre doing, youve got to open it up and you do social distancing and you wear masks if you want, and you do things, you can do a lot of things. Youre getting closer together even you i notice youre starting to get much closer together, it looks much better i must say. Youre not all the way there yet but youll be there soon, but its a tremendous thing that happened and the reason it happened is because we had a really strong patient. We had a patient that was so powerful, so strong, that we could close it and open it and i given this analogy, somebody told me yesterday it was larry kudlow. He said its like a hurricane and we didnt know is this going to be a hurricane or a major major recession . A major recession thats not artificially caused because we artificially, this was artificially closed. We just said boom. Closed. And everything just stopped. And also, you know what else stopped . Big numbers on death by doing it and thats why i had to do it. Weve made every decision correctly but it was like we stopped, so it was an artificial closing and then what happened very incredibly is the numbers go and larry was saying that with a hurricane, you have a horrible hurricane in florida or texas, and its devastating and then the hurricane goes away and within two hours, everyones rebuilding and fixing and clean ing and cutting their grass and ive seen it in texas. Ive seen it everywhere. Ive seen it everywhere. Texas had a massive one, louisiana hurricanes, florida hurricanes but what happens is right after the hurricane, boom. And this is what this is. This isnt a terrible recession. I dont even mention the d word i dont want to talk about the d word because somebody even mentions it but i dont like the d word but if you got a really really big bad recession, it would take, it could take 10, 12, how long did it take in 1929 . It took many years to recover from that. How many how long . Ten. President trump i heard ten, i think longer than ten but thats okay. How about 14 or 15 years larry says 10 so lets go with 10 but it takes a long time to recover, but a hurricane, youre back in business in one day, two days, three days, and its devastating and its hard and this was a hurricane and its going to get better fast, because a lot of the numbers that you see , theyre early numbers. They arent even from this last month, and by the way, speaking of that, you had the greatest 50 day rally in the history of our exchanges. The greatest 50 day rally, and we have a lot of protesters and we have something else, right . We have something else. We have a pandemic. Weve made tremendous progress really on both if you look at where weve come on both. Weve made tremendous progress on both, tremendous progress, but youre looking and the people are now starting to return to work so its been an incredible thing to see. Its been a beautiful thing to see. The experts predicted that the economy would lose tremendous numbers of jobs and of course, from the beginning it has, but youre going to see how fast thats made up. Im telling you next year, unless something happens, or the wrong people get in here, this can turn around, your 401 k will go down to numbers, if people didnt get rid of stocks in their 401 k , they are almost even, think of it. With the pandemic, and with one of the worst things thats ever happened, our country has never lost 10 5,000 people whether its world World World Trade Center which was 2,900 or pearl harbor which was less than that, weve never lost anything close to this , but its not only our country its the whole world. The world is suffering so badly. 186 countries at this moment, and that effects ours too, but were a positive force. Were the key to the world in a sense, and the fact that were doing well, i see already theyre starting to do much better in other parts of the world thats a great thing because were working with the world and well work with china too. Well work with everybody, but what happened should have never happened. So we had a tremendous morning, a tremendous announcement. It was shocking to even great pros. I watched maria bartiromo, i watched jim kramer, i watched a lot of people. Joe keating, he was pretty positive, Charles Payne was very positive for a long time. A lot of people got it right, they had confidence in me, they had confidence in this team and they got it right and thats the only thing they could base it on because they were on un chartered territory. Its likely to just say that renewal restoration and recovery of the most vulnerable areas of america is going to be my focus. Its going to be a big focus, because its taking care of itself, but wevery the vulnerable. Its not right and were helping them and we have helped them in the past and were also the opportunity zones, criminal justice reform. Nobody has ever done for the black community what President Trump has done think of that. Historically, black, small colleges and universities, they would come here for money every year, every year for many many years. After three years i said why are you doing this why do you keep coming here . They said because we come. I said dont you get a long term deal so you dont have to come . The head of one of the very respected colleges looked at me and said sir, were like beggers , every year we have to come to washington and beg for money and i said you should have a long term deal and we signed a long term deal, so they dont have to come. Ill miss them. I told them ill miss them. I got to know them but the first year i didnt think anything of it. The second year i said thats strange why are you here and then the third year not so long ago, same people. The heads of the historically black small colleges and universities, 44 people, maybe a little more than that, a little less than that sometimes, but after three years i said what are you doing . They said the past administration did nothing for us. The administration before that did nothing for them, so im going to do it. So we did the opportunity zones with senator tim scott whose been fantastic and by the way its one of the great unknowns because the opportunity zones you dont talk about its one of the most incredible Success Stories ever in terms of the inner cities and in terms of black and hispanic and asian unemployment, opportunity zones you want to do some stories about opportunity zone, billions and billions of dollars of private money is being invested and putting people to work and getting money that theyve never made before, so its been a really terrific thing and its now time for us to Work Together as we rebuild. Renew and recover the great promise of america and thats true. Were going to Work Together. Itll all work out. Itll all work out. Some governors may need a little help yet but for the most part they are in good shape. We have fantastic military, we have fantastic National Guard, the National Guard was barely used and these people have done an unbelievable job they helped the secret service at washington , secret service by the way are unbelievable. The job they did at the white house is unbelievable. There was never any form of like oh, gee, this sounds dangerous. All i could see is what i was seeing on television but they were outside and the secret service was incredible but were also helped by the d. C. Police, and we were helped by the National Guard was unbelievable. They came in and they, this was like a piece of cake, and i really am suggesting because if you look at minnesota and the Great Success we had there, and other places, im suggesting to some of these governors that are too proud in new york, you see whats going on there. Dont be proud, get the job done youll end up looking much better in the end. Call in the National Guard, call me, well have so many people, more people than you have to dominate the streets. You cant let whats happening happen. Its called dominate the streets you cant let that happen in new york, where theyre breaking into stores and all of the things and by the way, hurting many Small Businesses. You cant let it happen. Equal justice under the law must mean that every american receives equal treatment in every encounter with Law Enforcement regardless of race, color, gender, creed, they have to receive fair treatment from Law Enforcement. They have to receive it. We all saw what happened last week. We cant let that happen. Hopefully George Stephanopolos looking down right now saying theres a great thing that happened for our country and a great day for him and a great day for everybody. Its a great day for everybody. This is a great great day in terms of equality, its really what our constitution requires and its what our country is all about. I just want to finish by saying to save the economy, we passed several pieces of critical legislation, totaling many trillions of dollars meaning three. Were set up to do more if we want. I think we should because we are dominant. For many years as a bystander but somebody that loved government, somebody that loved this country, i would watch and study and see and just, you know , when i say study, naturally study by watching, but if you go back, china was going to catch us in 2019 and that was like a given. You go back five year, six year, seven years it was always yeah, china will catch america and catch the United States and in 2019, and then itll become the dominant economy and then it happened. Its not going to happen. We dominated them over the last year and a half, two years. We took in tens of billions of dollars in tariffs that they paid for. I gave some of that money just a small fraction to our farmers which made them whole, more than whole. Thats why theyre all in business. Made them more than whole and it came right out of the tariff money and the reason we didnt pay is because china devalued their currency and they paid, plus they also put additional money to it, because if they didnt do that nobody would have bought their product. We made a great deal because of that. Thats the only reason were able to make a good deal because of the possibility of tariffs because chinas taking tremendous advantage of the United States. We helped rebuild china. We gave them 500 billion a year , how stupid, how stupid by the people that represented our country with china and many other countries, but thats all changing and it was in the process of changing very big again, china had a very bad year before the plague and now, i think hopefully theyre going to have a great year. I want them to have a great year but well have better years, and well have a much better system. We made americans sure of themselves and we took care of families, we gave benefits and we sent 1,200 to every individual making less than 75,000 and 4,000 almost to every family who are earning less than 150,000. Thats a lot isnt it . When you think 150, but thats whats happening with our country. If you look at other countries, even countries that you think theyre doing well they dont talk about 150,000 as being median. 150,000. Its tremendous. Thats a great tribute to the people of our country. The job surge that were seeing right now is widespread. Leisure and hospitality added 1. 2 million jobs, construction jobs are up, listen to this , 464,000, education and Health Services rose 424,000, retail trade is heres the one i like the best. Remember Previous Administration, you need a magic wand for manufacturing. Manufacturing which we had up to 600,000 jobs prior to the plague, manufacturing rose to 225,000 jobs, so we picked up 225,000 manufacturing jobs. Thats very unexpected. Everything, everything that youve seen this morning is unexpected, even the pros sitting here would understand that. Everything. We also smashed expectations on the Unemployment Rate. The prediction was that the Unemployment Rate would rise to over 20 . Instead, it dropped to around a little more than 13 . Slight difference. And this time the greatest comeback in American History today is probably, if you think of it, the greatest comeback in American History but its not going to stop here. Its going to keep going. Because so many places are closed. I was watching our great Vice President today being interviewed on cnbc. He did a phenomenal job. He made a statement. He said this is not going to stop and 100 . Hes always attributing everything to me but i will attribute this statement to him. He said its not going to stop because the numbers that youre looking at dont include all of those states that are closed. They havent even opened yet. We are going to be stronger than we were when we were riding high and our stock market is almost, its just short of an alltime high. Ive had 144 alltime high stock markets during a three and a half year period. Nobodys ever come close to that and were going to do it again but its even going to be stronger than last time. When i said that two, three months ago, i have always done well with numbers, but i had a feel for it. I said it even the other day, i was saying i think were going to have a tremendous next year. I think its going to be a phenomenal next year. I didnt know it would start this quickly. I thought we would start in august, september but it started very early. Amazing, its an amazing thing. It means they are likely to return and all of these jobs that were talking about now arent even included because some of our biggest places arent opened. Theyre opening up now. I think new yorks opening up like as of today. Thats one of our big ones. New jersey, they are all working hard. The governors are all working hard to save millions of american lives, we took that unnecessary evil, we took it out of the equation. We had to do what we did. We had a very very strong push not to do anything. We would have lost we would have lost so many people but very importantly, the economy wouldnt have been as good as it is because nobody expected this. I dont think theres anybody signature here that c sitting here that can say i want to see it on tape as opposed to saying i did that. Some were pretty good numbers as i mentioned but we took a tremendous step and a tremendous risk and we have gone up at a level and this level is going to be nothing compared to what you see in coming months and especially next year. So the best strategy to ensure the health of our people moving forward is to focus our resources on protecting high risk populations like the elderly and those in nursing homes, while allowing younger and healthier americans to get back to work immediately and open up our schools. Open them up. We understand this disease now. We didnt understand it. Nobodys ever seen it before. Very tough. Very contagious. Very mean to certain people. Weve learned a lot. We didnt know, nobody knew anything about it. But we learned a lot and i have to thank everybody for working so hard. Jared and mike and the task force and all of the people, the admiral, the general, they were saying oh, you should use admirals. I said i did. You should use generals. I said i did. Used them both. We had some incredible people on the task force. The job they did in getting ventilators built by the thousands, we are giving to nigeria, to france, to spain, to italy, to many many countries. To uk. They are having a hard time. We are giving them ventilators. Its a great thing. I mean, they are very hard to make. They are longterm items. We mobilized, nobodys ever seen anything like it. Just like the Second World War. There hasnt been a mobilization like this since the Second World War. Especially ventilators because its hard. Its big, its complex, very complex machinery. Computerized all over the place. And very expensive. And were building thousands a week right now, were building thousands a week. We have all we can use. No governor, you hear the calls, you listen in on those calls, frankly, you are invited to if you want but you do anyway even if youre not invited, and you see whats going on. Every governor, theres not been one patient in this entire massive country, and we didnt have ventilators when we started. The cupboards were empty. The Previous Administration left us empty cupboards. There isnt one patient, not one, that needed a ventilator that didnt get one. Think of that. And we are talking about millions of people, big country, millions of people. Not one person needed a ventilator that didnt get it. So we want the continued blanket lockdown to end for these states. We may have some embers or some ashes or we may have flames coming but we will stomp them out. We understand this out. We will stomp them out and we will stomp them out very very powerfully. So we made a big step in our comeback. This was always going to be three months ago i said to you this is a very important period, this june period, because were going to learn whether or not this is a very big powerful r word, recession, or whether this is a hurricane that we recover from very quickly. We recover from in a matter of weeks or days. And weve learned. Weve learned. Again, as good as these numbers are, the best numbers are yet to come because so many areas are still closed or very partially closed. Very few actually are fully open. These numbers are with states, 50 states, and very few are fully open. Even the ones that are very out there are not fully fully opened. So were going to have some tremendous numbers coming in, when you look at the ridership of the airlines, they went from 2 to a number that if its correct, i would be surprised actually, but its a very high number. Its great. People are traveling. You know what, theyre traveling in the United States. And they are also driving. They are building the trailers, they are building lot of things, they are driving. People are people are driving. I may have to buy one of those things, drive around town. Maybe ill drive back to new york with our first lady in a trailer. What do they call that . An rv. An rv. You should know. Indianas the capital of rvs. I think im going to buy an rv and travel in an rv with our first lady. I dont think anybody would mind that. So we are coming together, we have never had a thing happen like this. We were all including the media, we were all in uncharted territory. We were uncharted. Never happened before. Nobody knew. I couldnt be sure. I felt it. I felt i felt we were very powerful to come back. Hardest decision i ever made was when they all walked in, a big group of people, professionals, very professional people, good people, they said sir, the best thing we can do is close it down. I said what are you talking about. We have this incredible unbelievable country thats never done better and you want us to close it down, i cant do that. What are you talking about. After listening for ten minutes, didnt take long, i said i think we have to close it down. The contagion or the power it had especially with certain people. Now, we didnt know the second part. We knew it was highly contagious because it spread like fire but we didnt know that it hit certain groups of people. That helps us so much in testing and other things. So were going to protect our elderly, were going to protect especially our elderly with problems, whether its heart or diabetes or any problem, its like a magnet. I mean, your elderly and you have diabetes or you have a bad heart, its like a magnet. They say if youre heavy, so i say thank goodness im in perfect shape. Thank goodness. But if youre heavy its not good. Its a brutal, brutal thing. And again, i started by saying were going to have a vaccine soon. I said it a long time ago based on knowledge, based on knowledge, im meeting with these geniuses, based on knowledge i said a long time ago, i said by the end of the year i think its going to be a lot sooner than that. You know, just in finishing, about vaccines, we have mobilized the logistics arm of our military. We can move hundreds of thousands of men and women in a very short time. The vaccine is easy. By come b comparison. But we have our war with the invisible enemy. Its meant for war but we can move hundreds of thousands, think of that, hundreds of thousands in a very short time. The same people are doing the vaccine and they are fully mobilized. So now im going to sign legislation to make important changes to the ppp that will especially help restaurants, hotels and other businesses that have been very hard hit by the virus. This is going to make it 24 months and i think you know the legislation as well as i do. I want to thank the democrats. We had essentially unanimous votes i think in the senate and the house, right . Whether its unanimous or very close. Lot of people. But i want to thank the democrats who worked together on a great and i hope we can get along with the democrats. Its been a disaster in terms of relationship. But i hope we can get along because its a great thing for our country. We did all of these numbers and all of this greatness, we have the greatest economy weve ever had, it will soon be greater than it was even before. We did this with discord. We did this with a senate and a house that were not dealing with us and we werent dealing with them, either. The level of lets just say the warlike posture is ridiculous because we have a great country. It would make a difference if we could get along and maybe we can and maybe we cant. I mean, there are a lot of differences. We want low taxes, we want closed borders, we want people to come in but they have to come in through merit. They want open borders. You cant have open borders, especially now when you have a pandemic. We set a record by the way on our southern border. The wall which you never hear about is up to 210 miles long. One of the reasons we are setting a record is we have so much wall built and well have it up to almost 500 miles very early next year, by the end of this year we will be over 400 miles. We are up to 210 miles of serious wall. This is a wall that people arent penetrating. This is a very very powerful wall. It will be up there a long time and its saved us a lot of anguish and grief but you dont hear about that. One of the hardest things ive ever had to do is get the money necessary which is billions of dollars from a party that was totally opposed to it. They gave me other things. The military, we could rebuild. Wasnt easy in terms of that. Thats not their natural instinct. But for the wall, no, cant have it, cant have it, cant have it. We had nine court cases on the wall but we won and we got it and now nobody talks about it. Nobody even talks about it. But its great for our country. We have to have borders and i have said often, i said long before i won, i won on that great november day, seems like a long time ago, 2016, i said if you dont have borders, you dont have a country. So we have a lot of things to work with the democrats if we could work along with them, it would be great. If we dont, were going to do great as a country anyway. Were going to do great anyway. But if we could work along with the democrats, people said i wouldnt be open, why would i be open, they did things they should never have done, you know what im talking about, should have never done, but im totally open to it, but we could go even steps further but its already been historic. Nobody has done more in three and a half years than this administration has done. Nobody has come close doing the things weve done. Weve rebuilt our military. Weve cut regulations at a level that nobodys even come close to and thats whether its four years, eight years or in one case, even more than that. Nobodys done anything close, regulations, low taxes, rebuilt military, take care of our vets. We got choice approved for the vets. Instead of waiting on line for four weeks to see a doctor, they can go immediately outside, get a private doctor, we pay for the bill and the vet is in great shape and we actually saved money but more importantly, we saved their lives and we save the quality of their life. They were dying. They would come on to a line, they would have to wait four or five weeks, they wouldnt be very sick. By the time they see the doctor they would be terminally ill. We dont have that anymore. You dont hear any bad stories about the vets anymore. That doesnt mean go out and find them because tonight you will be traveling all over the world looking for an unhappy vet. We got accountability because we had a lot of bad people in the va. Its called va accountability. We can now fire people that dont treat our vets good. We have saidistdists, thieves, f bad people. Its called va accountability. Almost 50 years they have been trying to get it. Choice, almost 50 years they have been trying to get it. For many many years. I have been hearing about it for years. They have been trying to get va choice. Choice means you can have a choice of a doctor. You dont have to wait online if you have a long line. I have to say the va has great doctors but you cant get to them very quickly. Now they go outside and they take care of themselves. So weve had a great morning. This is just the beginning. Its going to be incredible. Im going to sign our very important piece of legislation again. Thank you very much to the democrats. Then we are going to have a couple of words by a few of the people standing alongside of me. I want to thank them so much. And we will talk to you soon. Reporter [ inaudible ]. I would like to sign this bill. By the way, whats happened to our country and what you now see has been happening is the greatest thing that can happen for race relations, for the africanamerican community, the asian american, the hispanic american, for women, for everything. Reporter whats your plan . The country is so strong. Thats what my plan is. Were going to have the strongest economy in the world. Weve almost been there now. We had the strongest economy anywhere in the world and now were going to have an economy thats even stronger. Reporter sir, how would a better economy i would like to sign this. Reporter just to follow up, how would a better economy have protected george floyd . I will ask ever. Reporter will you take questions after, sir . Reporter black unemployment went up by. 1 . Asian americans went up. 5 . How is that a victory . You are something. Reporter how is that a victory . Thank you very much. I have to say though, its been an honor stuart did you hear that . Did you hear that . The president is signing a ppp change of rules and the media is shouting hostile questions at him. What about the black Unemployment Rate, it went up a little bit. Okay. That is really extraordinary behavior from americas media. When the president has Just Announced that we have a riproaring economy and a terrific recovery from the lockdown and what is really a depression. Lets listen back to what the Vice President is saying. Calling on the American People to embrace the kind of mitigation practices to practice social distance iing, it took 4 days to slow the spread. The way you worked in a bipartisan way, we want to thank members of both parties in the congress for working with us to provide relief for families, Small Businesses and Enterprises Across the country. Todaynu todays numbers, historic as they are, are a testament to the leadership that youve provided, mr. President , on mitigation, on recovery and as you directed the White House Coronavirus task force, they are also a tribute to the fact that states across the country, now all 50 states are reopening our country. Even before we came to the end of the 45 days, you directed us to give guidance to state governors and all the states and territories to safely and responsibly reopen. Now all of our states in the process of doing that. Stuart forgive me for a moment. I will break away from what the Vice President is saying. I really want to follow up on the rudeness of the media which was just displayed in full force. The president left the podium, walked to the side to sign this slight changing of the rules with the pp,ppe. Thats what he did. The media was immediately asking nasty questions, quite frankly, nasty questions. One reporter said the black Unemployment Rate has gone up, what is it,. 1 , how does that help george floyd . It was a hostile reaction to what the president had just been talking about, the extraordinary rebound of our economy. Steve hilton, come in, please. I think you are available for us. Steve hilton, right. Steve, look, im really shocked at this. I just cant believe that the media would be so rude, frankly, so hostile, immediately to what the president has had to say. The floor is yours. Yes. I mean, what i would say is its shocking but not surprising. Because we know that right from the word go, from the moment he launched his campaign, the media instinctively hated President Trump. Candidate donald trump, then President Trump. It wasnt even about his policies. It was all personal. They just have always hated him. And as the presidency has gone on, its got more and more obvious and now with all this going on, the mask has been completely ripped off. They have given up any attempt to even try to appear to be neutral or objective. It is all one direction only, hatred directed towards the president , whatever he says, whether its something that they agreed with the previous week. If he says it this week, they are going to be against it. Thats what we are seeing right now. It is disgusting. Stuart the president is speaking at the podium. Lets listen again. And we saved that industry in a short period of time. And you know who helped us . Saudi arabia and russia and then we got mexico to do what they really had to do and i want to thank the president of mexico. He was terrific. In the end he was terrific. But we saved the energy industry. That would have been catastrophic to lose it. Now its up to almost 40 a barrel. People would have said thats impossible but we got saudi arabia, russia and others to cut back very substantially. Opec plus. We call it opec plus. But they were the leaders. We appreciate that very much. Could i ask kevin and larry to say a few words, please . Thank you, sir. Ill be brief as i can. I know its pretty darned hot. I havent noticed it. Is it hot . Youre pretty good at it. So preceding this number were a number of green shoots as we call them in economics or finance, and as the president has mentioned, things like apple mobility traveling indexes, housing applications for new homes are skyrocketing, new businesses and new Business Applications are skyrocketing. We have seen a lot of pieces of evidence. The key to todays number, 2. 5 million payrolls and 3. 8 million households from which the unemployment comes, the key is that those who were temporarily laid off have gone back to work, three million some odd. Thats because of the reopening and thats because of the success of the president and Vice President s mitigation policies which had to be taken. Now the reopening begins. Heres a footnote. May 12th, for the week the survey was taken, a little less than 50 of Small Businesses had reopened. According to the chamber of commerce, the most recent number in late may, early june, 80 , 79 of Small Business had reopened. We are going to see more continued progress in the june jobs numbers when they come out. I want to add also, my friend and colleague, secretary Steven Mnuchins leadership on the Payroll Protection Program has kept people on temporary call, kept them furloughed but they knew they were going to come back. Ppp has distributed 510 billion and has probably saved as much as 50 million jobs and overall, we have extended tax rebates and other payments, 159 million americans for nearly 275 billion. The rescue package works, it was the largest in American History. Now, we are seeing weekly unemployment claims coming down, continued claims coming down. 13. 3 Unemployment Rate has come down. I think as the president has noted, these trends will continue. This was a sharp, tough, heartbreaking pandemic contraction. Its not a typical economic contraction. It was like a bad hurricane or bad snowstorm. Theres a lot of heartache in that and a lot of hardship in that, absolutely, but sharp and fast and they recover fast. We are beginning to see this rapid recovery which i believe will extend well into the Third Quarter and the fourth quarter. We are still looking for some 20 Economic Growth in q3 and 4 and a big number in 2021 as we move forward with president ial policies of lower taxes and regulations and energy and fair and reciprocal trade deals that created a phenomenal economy before the pandemic and can recreate and rebuild that phenomenal economy afterwards. I bring in my great pal, kevin hassett. Thank you, mr. President. Today is a historic day but as you remind us, theres still a lot of work left to do. There were 18 Million People that said they expected to be reemployed. Three million of them came back and it shocked economists that it happened so fast but theres still a lot of work to do. Thats what you have instructed us to do is to give options so that we can get everybody else in the country back to work. I think the main economic lesson i take from what we have seen in addition to secretary mnuchins incredible work getting the program enacted quickly is that the Vice President s leadership of the task force, right at the very beginning you put out guidance for businesses and governors about how to open safely and because the guidance was so scientifically based, people did so with confidence and you would never have a jobs number like what we saw today without the confidence that i think was generated by your leadership, mr. Vice president , and dr. Birx and the rest of her team. Thank you for your service, sir. Thank you. Thank you very much. I just want to add, we will be going for a payroll tax cut. We think that will be incredible in terms of what were doing because again, we are going to be bigger, stronger, better than we ever were. Thats going to be a tremendous incentive for businesses and also a great incentive and maybe to me most importantly for the workers so were going to be asking for a payroll tax cut. We will be asking for additional stimulus money because once we get this going, it will be far bigger and far better than we have ever seen in this country. That includes as of three or four months ago when everyone thought it was great and it was great. And we are going to be doing things for restaurants and various pieces of the Entertainment Industry which will be an incentive whether its deductions or whatever, but Steve Mnuchins going to be working on that because the restaurants will be a little bit harder to come back, although i must tell you, mike, i have seen some tremendous numbers from restaurants. But were looking at doing something in terms of an incentive with taxes. It could be deductions, it could be something else. But well be announcing it pretty soon but we will be asking despite the numbers and how good they are because we will be so far ahead of everybody else if we do what were doing, our borrowing cost now is zero so we are paying no interest which is very good. I just want to thank everybody. I would like to ask Steve Mnuchin to say a few words, please. Thank you, mr. President and mr. Vice president , and again, i want to especially thank the senate and the house for working with us in another example of overwhelming bipartisan support that is helping American Business and american workers. Mr. President , this legislation is a direct result of you invited in leaders from the Restaurant Industry and the hotel industry. These are two areas that have been especially hardhit. The restaurants number one ask was extending the ppp for 24 weeks. This legislation delivers on this. So it is great to see the 500 billion that we have put to work in Small Business make its way into the economy and now you see it in these numbers and them bringing more people back to work. So not only did this save jobs, but we now see people coming back to work and we look forward to working with congress on bipartisan issues to make sure we get every american back at work that was unfortunately laid off as a result of this virus. Thank you. Thank you very much. Stuart this was billed as a News Conference. The president did not take questions. I think he was annoyed at the media. I will repeat what i said before. The president stepped to the podium, gave his presentation about the jobs report that we had this morning, the state of the economy and the state of our recovery, he stepped away from the podium to sign the legislation, the new legislation, on ppp. As he sat down, the media immediately came at him with what i thought was hostile questions. The president was not pleased about that. You could see on his face, he shut the book, ah, you people. Thats what he said. I think thats why he left the podium moments ago without taking questions from the media. He knew what was going to come at him and why should he stand there and face that hostility which inevitably he would have faced. Hes left, hes gone. The event is over. Let me point out this. When he started to speak, the dow jones average was up 690 points. It is now up 944 points. Investors liked what they heard. Heres what investors heard from the president this morning. He started out by saying look, in january and february of this year we had built a very powerful economy. He called it a tremendous power platform. Then he said we had to shut our country down. It was artificial but we had to do it. We stopped the virus coming in, we are stopping the flights from china, we mobilized our economy, mobilized our health workers, and we started testing and we have now tested 20 Million People, i think it is. Now today, he says, look at the gain that we have seen in this economy. We had a jobs report this morning at 8 30 eastern time, thats, what, three hours ago. It was a sensation. A wild surprise. Instead of losing eight or nine million jobs, as the economists and analysts had been forecasting, we gained two and a half million jobs. Completely unexpected. The Unemployment Rate instead of going to 19 or maybe 20 , came down, it actually came down, still high, 13. 3 . The president said weve got were going to have a very good july and then were going to have a spectacular september, october, november and 2021, next year, will be the best year economically. Thats what he had to say. Hes not going to take questions from a hostile media that wants to know about protests and riots and the other news of the day. So hes left the podium. Hes gone. Now the economy, sorry, now the market is up 983 points for the Dow Jones Industrial average. Bob doll is with me. Market watcher bob doll, very famous guy, you have been watching whats going on here. Any reason to believe that were not going to hit new highs for all the indicators fairly soon . The power of the momentum, the good news of the employment today, the massive stimulus that looks like we are heading, stuart. Not only the surprise about the jobs up instead of down and the better Unemployment Rate. What i liked also was the fact the Labor Participation rate moved up. A lot of the jobs that were lost seemed to be coming back. Some people thought they were going to be permanent damage to the economy. While there probably will be some, less than expected because these people that were temporarily laid off, many of them are coming back now. So a good report. Hard to deny it. Stuart i noticed a particular blip up in the market, a gain in ground when the president right towards the end of his presentation, we are talking about more stimulus coming. He will propose that payroll tax cut and he said theres going to be more help especially for the restaurants which have, of course, suffered heavily. At that moment, the market moved up sharply again. So i guess investors want even more stimulus even though weve got a very solid economic recovery already. Theres no question the stimulus, that line of payroll tax cut, you know, talked about rumor but he threw it in there again and that added some fuel to the fire, no question about that. Look, i think the necessity for yet another big stimulus bill is going to be questioned by some. Some will dig in their heels as a result of things are getting better, maybe i can argue for what i really want. I think there will be a lot of loggerheads as we move forward between the democrats and republicans to see if we can craft the bill. Stuart if we get more stimulus, and if the president wins in november, i know thats a big if, i understand that, do you think we will have a riproaring economy in 2021 that gets us to an even better position than we were in in january and february of this year . I think theres no question we will have a good economy next year. We will especially have some amazing numbers in the third and fourth quarter. Now, its moving from the 14th subbasement to the third subbasement but the numbers will be very significantly to the upside. We could see one of those two quarters have a double digit, maybe both, gdp gain. Again, Just Recovery and we will get more recovery next year for better or for worse, probably regardless of whos elected. Because the economy is coming back from a nasty the sharpest, deepest but shortest recession in u. S. History. Stuart im surprised its coming back so quickly. And so strongly. I think the president said hes a little surprised himself. Are you . Yes. Yes, i am. You know, i remind myself this is an exogenous shock. Its not an indogenous structural break like 20082009 where the patient really gets hit hard and takes a lot of surgery to get them back walking again. This was a hard smack across the face but we are coming back. Stuart the nasdaq composite is now up 200 points. Its on track for a record high close. How about that, bob. Does that tell you that maybe Technology Just astonishing does it tell you that maybe technology is going to lead all over again . It certainly has been the leader, tech and health care. I think they will be two areas that continue to gain as a percentage of our economy and therefore those stocks, while having done well, probably have more in their future. Stuart bob doll, im going to end it there. Im very happy that you were on the show in what i call a historic day. Bob doll, perfect time on your part and our part, too. Thank you very much, sir. See you again real soon. Thank you, stuart. Stuart you bet. I want to go backtracking a little bit to the president s presentation there. I think we have isolated that part of the presentation where he was i think getting angry at the media. Is that what weve got available . It is. Okay. Roll that tape, please. Watch it again. Reporter mr. President , [ inaudible ]. Why didnt you lay out a plan [ inaudible ] . Id like to sign this bill. This is [ inaudible ]. Stuart it went downhill from there, actually. They were shouting these questions at him. Excuse me, im trying to sign this bill but they wouldnt stop. They would not stop. They were hostile questions in the extreme. I know we steve hilton, i know we have commented on this before. But that just stood out for me. I dont think america likes that. Absolutely wrong on the part of the media. Exactly. Its so disrespectful to the office. Its a point the president makes frequently. You may hate me, whatever, thats politics, but dont disrespect the office. Thats what theyre doing when they behave like that. Frankly, i think the president was exactly right not to take questions in an official sense because what we saw today was an incredibly optimistic presentation, really good news, best news weve had for months in this country, and all of that would have just been completely displaced if he had gotten into some slanging match with the media who clearly arent interested in good news for working americans. They just want to pursue a very important story, lets not minimize it, but frankly, this news today is incredibly important and i think he was completely right to leave the positive story where it was and not get into an argument with them. Stuart hold o in, im going to roll one more sound bite from the president where hes talking about how the economy will perform in the future. Roll that tape. They thought the number would be a loss of nine million jobs and it was a gain of almost three million jobs. Well have the greatest well go back to having the greatest economy anywhere in the world. Nothing close. I think were going to have a very good upcoming few months. I think youre going to have a very good august, very good july but a spectacular, maybe spectacular september but a spectacular october, november, december and next years going to be one of the best years weve ever had economically. Weve been talking about the v. This is better than a v. This is a rocket ship. Stuart a rocket ship. Okay. With an outlook like that, do you think this makes a difference to the november election, steve . Yes. I was one of the people who was somewhat skeptical of the vshaped recovery. I was really worried about the impact of the shutdown on the core productive capacity of the economy. This is such great news. It does seem like we could get that scenario and what it reminds you of is that when the subject is on the economy, there is no one to beat donald trump. He knows what hes talking about. He knows that hes delivered a fantastic performance in the past. And that really in the end is what will matter most to people looking ahead. Who can we trust to keep this what looks like a very spectacular recovery going and improve it in the future and if the choice on that is between donald trump who has done it before and clearly getting ready to do it again, versus joe biden who had a hopeless management of the previous recovery from the financial crash, it went nowhere, i think donald trump is the clear winner from that conversation. Stuart can we webook you every day of the week on the grounds that whenever you appear, there is spectacular positive news. Come back soon. I like the sound of that. Stuart okay. Youre on. Steve hilton. Thank you very much. Thanks, stu. See you soon. Stuart i want to bring in kentucky congressman, republican james comer who joins us. I know you want some more stimulus for the economy and the president said today, he signed the ppp extension and the change in the rules there, and hes talking about more help for restaurants in particular because they are badly hit, hes really saying exactly what you wanted him to say, i think. Absolutely. What we have seen today is we are at the dawn of a Great American recovery led by donald trump and i think that the only thing standing in the way of this economic recovery is number one, democrat governors who continue to keep their states shut down and two, this unemployment plan. Moving forward, any stimulus we do needs to be focused on the few industries who are still going to have a hard time reopening and i think the president mentioned that in his remarks. Stuart so you dont want any more of this south carolin600 emergency funding. Youre not particularly keen i take it on senator portmans idea of a 450 bonus if you go back to work. You dont like either of them, huh . No. I dont like those ideas at all. The 600 federal bonus was created with good intentions. We were faced with a pandemic, the market was scared, the market was rattled, Business Owners were scared, but now we have seen because of the president s leadership and because of leadership of governors across america, we are well past this now and we are into the phase where we need to be reopening the economy. The one Thing Holding back the 600 federal unemployment benefit because a lot of employers i talked to are having a hard time getting some of their employees to return to work because they are being paid more to stay home and not work. Stuart 68 of the people are getting more than they would if they were back at work. I believe its 20 are getting double what they used to get at work. Just bring me up to speed on kentucky. I get the impression that the opening up of states is going fast and furious. Is that accurate for kentucky . That is not accurate for kentucky. My Congressional District is along the Tennessee State line. Unfortunately, tennessee shut down a week after we did and they reopened their economy at least two weeks before kentucky has. Its very painful for my Business Owners to look across the state line and see a progressive state thats focused on reopening the economy, yet in kentucky we have a 42 Unemployment Rate, the highest in the nation because our governor continues to keep our state shut down. Thats the only Thing Holding the economy back. If the blue state governors would reopen the economy like the red state governors have, then theres no telling what that new jobs number would have been today. Stuart yes. No telling what that jobs number will be when those blue states do reopen because they are the centers of population, make an enormous difference. Congressman, great day for you to appear with us. We do appreciate you being here. Thank you very much indeed. Thank you for having me. Stuart let me recap the market. Moments ago we were up over 1,000 points. Now we are up 972 points. We will take that. Larry kudlow will be on the show very shortly. Back after this. I wanted more from my copd medicine, thats why ive got the power of 1,2,3 medicines with trelegy. The only fdaapproved, oncedaily 3 in 1 copd treatment. With trelegy and the power of 1, 2, 3, im breathing better. Trelegy works 3 ways to open airways, keep them open, and reduce inflammation for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. 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Because at carvana, your car happiness is what makes us happy. Stuart look at that market. We are at 27,235. The dow is up 3. 6 . The nasdaq is up a full 2 . The s p is up 2. 8 . All of this follows a spectacular jobs report. Instead of losing eight or nine million jobs, we gained two and a half million. Completely unexpected. Instead of the Unemployment Rate going up to 19 or 20 , it actually came down a little, 13. 3 . Clearly this recovery is off and running and it is very strong. Im going to run weve got some stocks to run through here. All of them are winning. First of all, weve got financials. Thats because they are straight up. Look at that. Okay. Lets go to other ones. Boeing, okay, here we go, all right. Citigroup is up 7 . Goldman, 2 . Bank of america up 6 . All of the financials on the upside. Theres a good reason for that. Not only is the economy coming back strong but the yield on the tenyear treasury, lets not get technical, is around. 92 . It is way up. That means Interest Rates are up. That means banks and financials find it easier to make money making loans at higher interest. Its that simple. Next, i think we have airlines. Talk about a winner. A huge winner. American airlines is up 18 . United, 15 . Jetblue, 12 . The president mentioned this in his announcement moments ago. They are coming back, more passengers are coming back, we are flying more much more quickly than expected. Do we have the cruise lines . If ever there was a group that was beaten down its the cruise lines. They have come all the way back. Not entirely all the way back, but they have staged an extraordinary recovery. Carnival up 22 . 21 for norwegian. Royal caribbean, 18 . You dont get gains like this that often. I need more now on the stimulus which the president mentioned. And which did give another lift up for the market. As soon as he said we will get more stimulus out there, the market went up another couple notches. Susan, can you come into this and sort us out . Susan he said hes open to more stimulus money and as you heard, he will be pushing for a payroll tax cut which thats when you saw the market really go straight up. Hes looking for more money for the entertainment and restaurant sectors that have been hard hit. Take a look at these benchmarks. If we finish above 201 points higher for the nasdaq, we are on pace for a record close for the nasdaq, a record close from depths of march. We are on pace to go positive for the year on the s p 500 if we gain above closer to these levels, 100 points added to that. Now people are talking about 30,000 for the Dow Jones Industrials. Record highs for aupple, home depot and its just straight up because you heard kudlow predicting 20 Economic Growth, by the way, in the third and fourth quarters of this year. That sounds like a v to me. Dont you think . Stuart not just a v. Its a rocket ship by next year. That says it all, i think. Susan, thank you very much indeed. Talk about good timing. If you want to take your Company Public today, theres no better day for it. Especially if your company handles payments, Digital Payments for the hospitality industry. Thats exactly what shift 4 payments does. It has started trading. Last time i checked it was up some 40 . What was that . Its up 41 from the offering price. Jared isaacman is the founder and ceo and he joins us now. Hes wearing a mask perhaps to cover up the enormous smile i have no doubt he has on his face. Jared, you couldnt time it better. The president has just said hes going to give more help for the restaurants. Thats your business. Thats absolutely correct. You know, honestly, we really werent that surprised today when we saw the jobs report. We have been seeing a vshaped recovery from our customers in the restaurant and hospitality space for the better part of a month and a half now. These are just really encouraging and awesome signs for the economy. Stuart thats fascinating. You are telling us that the badly beaten down restaurant sector, which has only been allowed to open with minimal capacity, Curbside Pickup, delivery service, that kind of thing, youre telling me people are using restaurants bigtime, right . Absolutely. You know, of course, during the darkest periods of the covid crisis in midmarch, virtually every business was shut down other than supermarkets, amazon and netflix. But we saw the low points of payment volume at restaurants in late march. The recovery has been happening steadily all through april and very much accelerating in may as states have loosened restrictions. You got to give credit to all the entrepreneurs of these Small Businesses and restaurants across the country because they pivoted to takeout and delivery and curbside so they were fighting the whole time. They have done really well. Stuart look to the future. When more and more states open up and the capacity in restaurants is expanded, maybe 50 to 75 , whatever it is, is the growth you have really already seen likely to pick up more steam . Absolutely. We will see this trajectory continue to accelerate. We are already seeing payment volumes recover, over 120 from the floor. We still have some of the largest markets in the country like new york and california largely still restricted. We are going to see this growth happening for a very long time. Stuart let me get this straight, though. You do specialize in Digital Payments, payment systems, for the hospitality industry. Thats your main line of business, right . Yeah. Over 35 of the restaurants and hotels in the United States use some form of shift 4 technology. In 2019, we processed over 200 billion a year in payments and we are expecting to get back to that really quickly with this kind of recovery rate. Stuart well, jared, i just want to say congratulations both on the stock Price Performance and your Perfect Timing for doing an ipo. Jared, thanks for joining us on a great day. We appreciate you being here. Thanks for having me again. Thank you. Stuart sure thing. By the way, the stock is now up 44 . The dow jones average is up 953 points. Actually, thats coming back a little. It was up about 1,050 at one point. It was up there. All right. Well take it. Up 952 as we speak. We are going to take a break. We have to make some money. Larry kudlow after this. Just over a year ago, i was drowning in Credit Card Debt. Sofi helped me pay off twentythree thousand dollars of Credit Card Debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. 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Let me take you back to 8 30 eastern time this morning, two and a half hours ago. Make that three and a half hours ago. We reported the Labor Department reported, the government reported more new jobs, completely unexpected. Instead of a loss of eight million, we gained two and a half million. The Unemployment Rate, instead of zooming to 19 or 20 , actually came down just a fraction to 13. 3 . Then about an hour and a half ago, the president took to the podium and he said this. He said look, in the early part of this year, by january and february of this year, we had established a very powerful platform, that is, the economy. It was a very powerful position. Then we had to shut the country down. It was artificial but he said he had to do it. He mobilized the country, especially the health care industry, and the vaccine and pharmaceutical industry, mobilized and now were looking towards a vaccine fairly quickly and we are doing 20 million tests. Then he said look at this. Look what weve got today. This extraordinary rebound in the job market and in the economy. He then projected to the future. He said look, were going to have a very good july, this is the way he sees it, a very good july, a spectacular, his word, spectacular september, october, november, and in 2021, next year, the best year economically. He says its better than a vshaped recovery. Its going to be a rocket ship. Standing next to the president during his presentation was larry kudlow. Hes the president s chief white house economics adviser. We pulled him away and he joins us now. Larry, thank you very much for joining us, sir. We appreciate it. My first question is look, why did this recovery start so early, because we werent really expecting it until maybe july or august, but it started its already started. Why so early . Well, maybe a couple quick reasons on this. First of all, we reopened. Thats absolutely essential. The mitigation policy and the shutin and as the president said today, he believes it saved, you know, maybe two million lives and im not going to argue with that. I think the evidence is pretty clear. So by the time of the jobs report survey week, which was may 12th, little less than half of Small Businesses had opened. By the way, chamber of Commerce Survey shows now about 80 of Small Business is open so june, july are going to be very good months. Second point is, i think the rescue package was very helpful. I think in particular, the ppp, Payroll Protection Program, administered by secretary of the treasury steven mnuchin, by our estimates we put out over 500 billion in resources and loans, may have saved, stu, over 50 million jobs. Now, heres the key point in todays numbers. What youre seeing is the temporary layoffs. In other words, people were reporting that they were temporarily laid off but could return to a job as soon as the pandemic slowed down, as it has. And about three Million People left the temporary classification to go back to work. So thats roughly the increase in jobs for may. I think the household number was 3. 8 million plus and payrolls were 2. 5. So there you have it. The Unemployment Rate come down. So look, what we did, seems to work. The president led us, tough stuff, but still, the pandemic, the mitigation and the rescue package, and now its bearing fruit. Stuart do we need more . The president is talking about another or more stimulus, i think was his expression. In particular helping the Restaurant Industry. Do we need it when weve got such a strong rebound and strong opening up already in progress . Well, lets look at more numbers. One of the reasons we kind of slowed down the negotiations, which i reckon will resume after july 4th holiday weekend, but we wanted to assess the numbers. For example, i guess to your point, todays number was a very very pleasant surprise. Certainly to the private sector and even to us in office, so maybe there are more very pleasant surprises. We have to evaluate. I myself think we need to move from rescue assistance to more longterm Economic Growth incentives. For example, the president mentioned payroll tax holiday for the work force. Hes talked about capital gains. Hes talked about tax breaks for restaurants, entertainment, athletic contests, sports contests. Hes talked about tax breaks for tourism. Those were the hardest hit areas and so forth. So well be looking at assessing that as time goes on. I think we need probably proportionately, stu, less rescue quote unquote, and more incentives so it pays more after tax and after regulation, it pays more to work, to invest and to take risks. Stuart the president used the expression several times the china well, perhaps so, but as you know, weve discussed, we dont have time to go through it all, but against china on the pandemic is very bad, very difficult, lack of transparency, lack of facts, lack of cooperation, colluding with the w. H. O. , i wont go down the whole list and were also very concerned about taking away the freedoms in hong kong and what they appear to be doing is breaking this whatever could be 60year treaty, its a human rights issue also a National Security issue also weve taken steps to provide Investor Protection and provide more transparency before you invest in chinese stocks that dont meet our auditing standards. I will say were still engaging on the phase i trade deal, thats still going on but the president has indicated his unhappiness and dissatisfaction with china on many different occasions. Stuart what happens if the president does not win reelection . Well if he doesnt win reelection and if senator biden or form Vice President biden continues along his leftward path, what i read ive known joe biden for many years, hes moving pretty far left, hes talking about major league tax hikes, major league re regulation, he has no track record at all on standing up to china, and our other enemies and i think at this moment given the policies he has discussed, the stock market will be slammed and the economic recovery post pandemic will simply not pan out. I think youll have a very clear contrast between growth policies from President Trump and frankly , recessionary policies from Vice President biden. Stuart larry kudlow, i know it was an extremely busy another difficult day, but a very busy day for you and we really appreciate you taking time out to be with us again this morning on varney company. Larry kudlow, everyone. Great day for you and for the country. God bless you. Thank you, stu. Stuart thanks very much now ive got to tell you were at that market again we have been up 1,000 points but were up now 935. Thats still a pretty good number. Its been a great day and just terrific to sit here and watch america grow, get back to work, at a stock market rally. My times up and neil its yours. Neil all right, stuart thank you very very much lets take a look at that rally right now were only about 2,000 points away if you think about it from record territory on the dow, the s p 500 a little more than what 7 away and the nasdac is it record territory . You know whats remarkable and stuart touched on it whats happening to the travel and leisure stocks the airlines remember when these things were sucking wind, right now, they are up all doubledigits and i could go through American Airlines i could go through United Airlines through delta. I can go through carnival up in excess of 20 its highs of the day. That is a remarkable turnaround, based on the view and we always said that wall street is a forwardlooking indicator here looking past all